Four new issues price; Athene moves higher; Citigroup preferreds under water

By James McCandless

San Antonio, June 16 – As the primary market saw more deals in the pipeline, most top traders in the preferred secondary were pushing upward.

In a busy primary space, Office Properties Income Trust priced a $150 million offering of $25-par 30-year senior notes with a coupon of 6.375% at par.

Also, Triumph Bancorp, Inc. priced a $45 million offering of $25-par series C fixed-rate non-cumulative perpetual preferred stock with a dividend of 7.125% at par.

NBT Bancorp Inc. priced a $100 million offering of $1,000-par fixed-to-floating rate subordinated notes due July 1, 2030 at par.

Truist Financial Corp. priced a $1 billion offering of series Q fixed-rate reset non-cumulative perpetual preferred stock with a dividend of 5.1% at par.

As the volume leader, Athene Holding Ltd.’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares moved higher.

Elsewhere, in the finance space, Citigroup Capital XIII’s 7.875% fixed-to-floating trust preferred securities were under water.

Sector peer JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock picked up steam by the end of the afternoon.

Utilities provider Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferreds improved.

Meanwhile, REIT MFA Financial, Inc.’s 6.5% series C fixed-to-floating rate cumulative redeemable preferred stock leaped.

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